10th Anniversary of Jung Han Seokhwa... SK Geocentric and Chinese Sinopec "Diversifying Cooperation"

President Na Kyung-soo Visits China for Commemoration Ceremony
3.3 Trillion KRW Investment... Established in 2013
Annual Production of 3 Million Tons of Chemical Products
"Pioneering Future Markets Such as Plastic Recycling"

SK Geocentric announced that ‘Zhonghan Petrochemical,’ a joint venture with China’s state-owned oil company Sinopec, held a 10th anniversary ceremony on the 12th at its factory in Wuhan, Hubei Province, China. Key officials including Na Kyung-soo, President of SK Geocentric, Li Chengfeng, General Manager of Sinopec, and Jang Shulin, Co-President of Zhonghan Petrochemical, attended the ceremony.

SK Geocentric and Sinopec established Zhonghan Petrochemical in 2013 with a total investment of 3.3 trillion KRW at a 35:65 ratio. The company recorded an operating profit of 147.7 billion KRW in its first year of operation. Currently, about 3,000 employees work there. It produces a total of 3 million tons of chemical products annually, including 1.1 million tons of ethylene, known as the “rice of chemicals,” 900,000 tons of polyethylene, and 700,000 tons of polypropylene.

President Na Kyung-soo of SK Geocentric (second from the right), Vice President Zhang Shulin of Zhonghan Petrochemical (third from the right), and other key officials from both companies are reviewing the status of chemical product production in the monitoring room of Zhonghan Petrochemical in Wuhan, Hubei Province, China, on the 12th.
[Photo by SK Geocentric]

Based on its 10 years of joint venture experience with Zhonghan Petrochemical, SK Geocentric plans to strengthen global cooperation in the fields of waste plastic recycling and high value-added chemical material production. It is building the world’s first comprehensive plastic recycling complex, the Advanced Recycling Cluster (ARC), in Ulsan in partnership with the U.S. waste plastic recycling company PureCycle Technologies (PCT). It is also working with global chemical companies such as Japan’s Tokuyama and Saudi Arabia’s SABIC to diversify its product portfolio through the production of highly utilizable high value-added chemical products.

Co-President Jang Shulin stated, “Zhonghan Petrochemical will continue to play a key role as a major chemical product production base in China,” adding, “We will do our best to secure future competitiveness.”

President Na Kyung-soo said, “SK Geocentric, which operated Korea’s first naphtha cracking center (NCC) in 1972, has focused on product manufacturing based on its accumulated chemical production know-how,” and added, “We will create results through diversified cooperation with global partner companies to pioneer the future chemical market, including plastic recycling and high value-added chemical materials.”